SASKATCHEWAN – Fission 3.0 Corp., of Kelowna, BC, and joint venture partner Azincourt Uranium have completed a successful summer program at their PLN (Patterson Lake North) project in the Athabasca Basin. Results from the best hole confirmed uranium mineralization in basement rocks at shallow depths.
[Readers are cautioned not to confuse this project with the one at Patterson Lake South (PLS) belonging to Fission Uranium.]
Fission and Azincourt did about 2,130 metres of diamond drilling in six holes. Geochemical analysis from the best hole, PLN14-019, confirmed 397 ppm U (0.047% U3O8) over 0.5 metres within a broader interval from 193 to 199 metres that averaged 105 ppm U (0.12% U3O8).
Fission 3.0 has a property option agreement with Azincourt whereby Azincourt can acquire up to a 50% interest in PLN by incurring $12 million of staged exploration expenditures and paying $4.75 million in cash or Azincourt shares (at Azincourt’s election) on or before April 29, 2017. Fission 3.0 is the operator and project manager.
More information about the PLN project and a 43-101 report are available at Fission3Corp.com.